Is cryptocurrency a threat to the financial sector?

[arnosk 228]

Crypto currencies are a threat for the present financial system. Look at what is happening now. The central banks of Europe, America, China are all developing their own crypto currency. They don’t want to use bitcoin, because they cannot control it because of the decentralization. When having their own crypto it is like having their own fiat coin. They can print new money at their own will. 

[avgplaya 97]

On 2/8/2020 at 5:25 AM, Maximumheight said:

There have been news of banks not being comfortable with the use of cryptocurrency. In my country some banks are not accepting Bitcoin transaction. Some banks are taking it as a threat to their business. Many are of the opinion that it will take business away from them. Some say Defi( decentralized finance) will mean they no longer have control over customers funds.

 

But my own point of view is that cryptocurrency will aid banking transaction. The banking and financial sector should see blockchain as an innovation that will help the monetary system rather than see it as a threat. They should embrace decentralized finance.

 

What is your own Table on this?

The central banks of the countries, the World Central Bank, as well as the private banking sector, all of them have strong laws in relation to financial transactions and control of currencies and current fiat currencies. For them, blockchain, bitcoin and cryptocurrencies are a headache.
Even some banks like BBVA that study the blockchain and some of its specialists would like to implement them in their operations and financial transactions, as well as their operation, continually collide with the legal departments of the Banks.
Definitely, cryptocurrencies, sooner or later, will displace the current banking system.
At the time.

 

😎 ❤️ 👻

[lantonio 38]

It's not a threat but they see it hat way because the want to maintain their monopoly with high interest credits that are to pay for years and years.

[Onden 2098]

Yes, of course Cryptocurrency is considered a threat to other financial sectors, for that cryptocurrency is always complicated so that cryptocurrency cannot develop in some countries. In my opinion, it is natural because every financial sector wants to develop its business. So cryptocurrency will still be considered a threat.

[Rosarvx 965]

banking system in making money transaction very fast, so banks depend entirely on the currency, and the entry of cash into the bank

[Mohmaza 46]

there is no any threat to the financial sector from the cryptocurrency ever cryptocurrency have their own value yes it is very strong in the market but local currency have their

[Litsuga 65]

Like everything, you just have to accept the changes and we all know that the future is here in virtual money and society has to adapt, and so transactions can be made much faster and easier and that benefits us all

[ramonn22 731]

I personally think in my sincere opinion the financial sector is at least concerned about the great advance that cryptocurrencies have, they are unstoppable therefore it is a matter of concern for the financial sector since they will not have control over our currencies and the money
Luck and big winnings
A big greeting

[yonkii 3205]

On 2/8/2020 at 12:25 PM, Maximumheight said:

Some say Defi( decentralized finance) will mean they no longer have control over customers funds.

Maybe the can still have control if the banks use the defi and not their customers. There can be defi for banks similar to exchanges that hold our crypto and we can only hope they don't lose the keys or block withdrawals like okex exchange. 

[zhoutong 2188]

I don't think there is any threat and banks are having some problems as usual but the economy is based on them. Also very few would want to use decentralized finances right now. We have to see how this will develop before making decisions and reaching conclussions.

[annayks 2314]

I think that banks know this is a threat and since they can't do a lot but they only create fud, they decided to join and they are buying too. PayPal is also in crypto now and we expect banks to start offering crypto services and trading.

[Fixfin 2569]

You post explained exactly what it should be happening, as the blockchain and cryptocurrencies must be seen for their potential to help everyone and not as a threat to the power of some institutions as banks or governments.

[Sykkuno 2887]

Cryptocurrencies are adding jobs not reducing what is there. It is a modern economy built in the internet but it will expand into all our lives and we will use crypto just like we use computers and mobile phones. It is the first digital revolution.

[Froshk 1828]

I believe it's not a treat in any form, it's just like a wake up call to the banks to innovate and also accept the fact that their system is becoming obsolete and if possible they should work out a way to work together 

[Mella 3680]

I am not thought this is a problem for the sectors of finance in an economy my dear, but maybe some people are think different. You see we are better than most, but there are some that are idiots and they have a job in a place that they were given without worth it. They are the problem because they do not understand a lot because of the lower IQ they hold and they leave us in the internet with no job looking for how to risk and make some money. And still they are against the crypto beacuse of their eternal ignorance.

[percare 3192]

On 2/8/2020 at 12:25 PM, Maximumheight said:

The banking and financial sector should see blockchain as an innovation

The lately are trying to see it this way but it took them ten years to understand that this is technology that could actually help banks too. But they lagged so much that now cryptocurrencies with decentralized finance are again ten years ahead of anything in the banking sector.

[duncun007 3577]

1 hour ago, Sykkuno said:

Cryptocurrencies are adding jobs not reducing what is there. It is a modern economy built in the internet but it will expand into all our lives and we will use crypto just like we use computers and mobile phones. It is the first digital revolution.

yea crypto is giving opportunities to those who are less fortunate, those who are willing to work hard to earn their money, but financial systems are threatened because they dont want people getting rich without them taking fees in the transaction.

[kryptonick 2659]

Cryptocurrencies are a financial innovation and not a threat. Banks have changed their minds and now understand the importance of decentralized systems in finance. So the threat is minimized to them as they will adopt them and create better systems instead of the old they have in place to day.

[Teminali69 1081]

4 hours ago, Froshk said:

I believe it's not a treat in any form, it's just like a wake up call to the banks to innovate and also accept the fact that their system is becoming obsolete and if possible they should work out a way to work together 

I think it is a threat, you see even if banks decides to work with crypto it is because they will have no choice, crypto does not offer any deal to the banks, it offers a threat. It is either they work with it or they get suppressed by it.

Edited October 22, 2020 by Teminali69

[Alimhana930 1605]

Many of us now have relied on cryptocurrencies to send and pay, and we have moved away from banks and traditional transactions for payment, and this is what the world financial system has noticed, as we now see in the countries of Europe, Asia and America almost all of them adding a payment service through blockchain and cryptocurrencies and some investment companies buy and store Bitcoin as well as gold.

[Zeshan Khalid 2577]

Crypto currency is a competition to fiat currency. That's why its always a threat to their dominance. Fiat currencies are backed by countries that's why they don't allow to regulate crypto currencies.

[Irungu 4299]

The truth is we need to check it out the  right idea is to really put together everything in the right perspective that is what is important we need to follow a strategy we need to work and know what we are doing the good things that threats to the traditional ways,its really need to work and put together a good structure that integrates the two that is really important.

[VijithaVarghese 1994]

It wouldn't if it's approved everywhere as a legitimate source of money. Digital currencies may not be established everywhere for all people to use like flat money which would effect the financial sector in someway at some point. Hoping the future to make cryptocurrency a success.

[Brushless4500KV 4214]

On 10/22/2020 at 8:16 PM, Teminali69 said:

I think it is a threat, you see even if banks decides to work with crypto it is because they will have no choice, crypto does not offer any deal to the banks, it offers a threat. It is either they work with it or they get suppressed by it.

No, there is no threat. Cryptocurrency can be quite useful in establishing a strong connection between traditional finance and the modern monetary system in which everything is done digitally. If crypto was a threat, no bank would try to integrate cryptocurrency into their customer services. Every kind of currency that makes fund transfer faster and cheaper is beneficial for the society. In fact, crypto and financial sector are inter-connected and they grow like a united organization.

[Russel 017 506]

Cryptocurrency is not thread for all.The people who thinks crypto as a thread they are afraid of lossing the profits. So i think crypto is not thread for economic sector.